Warren Buffett’s Berkshire Hathaway to Buy Stakes in PayTM - Report
Warren Buffett Chairman of the Board and CEO of Berkshire Hathaway (Photo Credits: Fortune)

Warren Buffett owned Berkshire Hathaway Inc. will be buying stakes in India's largest payment services provider - PayTM, according to the report from Mint. The deal is likely to be announced soon, which will be the billionaire investor's first investment in the domestic company. Mint also reported that the Warren Buffett's company had been in talks with One97 Communications Ltd since early February. PayTM is looking to raise around Rs. 2200 - 2500 crore of valuation of about $10-12 billion by selling out a small stake. Alibaba & Reliance Retail Mega Joint Venture on the Cards; Likely to Make $5 Billion Investment.

It will be the first investment of the company in a privately-held technology firm across the world. Moreover, Warren Buffett led Berkshire Hathaway had previously invested in various publicly listed technology firms such as IBM and Apple. Reportedly, Berkshire Hathaway was also looking to make investments in Uber; however, the talks didn't go well.

Buffett, popularly known as Oracle of Omaha went on to set up Berkshire India by in collaboration with Bajaj Allianz in the year 2011. According to the report from CNN, both the companies parted ways after two years citing excessive regulations. Mobile Phones Can Help to Predict Flash Floods: Study.

One97 Communications Ltd. (PayTM's parent company), on the other hand, was founded by Vijay Shekhar Sharma in the year 2000 which kick-started as mobile payments and mobile recharge business. As of today, the company ranks among the top 3 leading consumer internet companies in India. PayTM has been aggressively built its e-commerce marketplace by retailing products like apparel, smartphones, footwear, movie tickets, bus tickets and much more.

It was earlier reported that PayTM mall - company's marketplace, is looking to hit annual gross sales of $10 billion by March 2019. By running this milestone, the company will emerge as a No. Three company in the e-commerce market (local) in less than a year since its launch.